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PART I: ANNUAL INCOME <br />6-I.A. OVERVIEW <br />5.609 Annual income. <br />(a) Annual income means all amounts, monetary or not, which: <br />(1) Go to, or on behalf of, the family head or spouse (even if temporarily absent) or to any other <br />family member; or <br />(2) Are anticipated to be received from a source outside the family during the 12-month period <br />following admission or annual reexamination effective date; and <br />(3) Which are not specifically excluded in paragraph [5.609(c)]. <br />(4) Annual income also means amounts derived (during the 12-month period) from assets to <br />which any member of the family has access. <br />In addition to this general definition, HUD regulations establish policies for treating specific <br />types of income and assets. The full texts of those portions of the regulations are provided in <br />exhibits at the end of this chapter as follows: <br /> Annual Income Inclusions (Exhibit 6-1) <br /> Annual Income Exclusions (as updated for HOTMA per Notice PIH 2024-38) (Exhibit 6-2) <br /> Treatment of Family Assets (Exhibit 6-3) <br /> The Effect of Welfare Benefit Reduction (Exhibit 6-4) <br />Sections 6-I.B and 6-I.C discuss general requirements and methods for calculating annual <br />income. The rest of this section describes how each source of income is treated for the purposes <br />of determining annual income. Verification requirements for annual income are discussed in <br />Chapter 7.A. <br />EXHIBIT 1